SOLUTION: Annual sales for a company are $125,000 and are increasing at a rate of 8% per year. Use an exponential function to find the annual sales after 5 years. Round to the nearest cent.

Algebra ->  Customizable Word Problem Solvers  -> Misc -> SOLUTION: Annual sales for a company are $125,000 and are increasing at a rate of 8% per year. Use an exponential function to find the annual sales after 5 years. Round to the nearest cent.      Log On

The formula is


    annual sales on the year after n years =  = .


Using it for n= 5, you get


    annual sales on the year after 5 years (actually, on the 6-th year) =  = 183666  dollars.    ANSWER